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Extension of Employment Agreement with Executive Director
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The Employment Agreement with Executive Director Mark S. Sanchez is extended by one additional year to June 30, 2028.
COMMENTS:
The amendment adds a single year to the Employment Agreement such that the Agreement would terminate in June 2028, unless further extended. The intent is to have an Agreement, for a period of three years, a practice the Albuquerque Bernalillo County Water Utility Authority has employed for at least the last decade. The primary purpose of this rolling three-year period is to provide for stability and continuity of leadership in the organization, which plays a significant role in the planning, staffing, policy guidance and budgeting processes, but more importantly, is a relevant consideration for rating agencies, bond holders and regulators.
No other terms and conditions of the Agreement are intended to be modified. The Agreement is for a term and provides no automatic renewals or severance compensation to Mark Sanchez as the contractor.
FISCAL IMPACT:
None. Budgeted position.